Transocean Is Set to Pay $1.4 Billion In Gulf Spill

By

Tom Fowler

Updated Jan. 3, 2013 3:54 p.m. ET

Offshore driller Transocean Ltd. will pay $1.4 billion to settle all federal civil and criminal claims relating to the 2010 Deepwater Horizon accident in the Gulf of Mexico, the U.S. Department of Justice said.

Transocean was the owner of the drilling rig that exploded in April 2010, killing 11 workers and triggering the largest offshore oil spill in U.S. history. Oil giant BP PLC, which had been leasing the rig to drill an...